{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}E:\Old papers\short union paper\FM RR1\FM data archive code and tables\Table 8 log file.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}17 Feb 2025, 15:20:00

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. areg ltdc1 vmem vmem_noconsult noconsult logat mraw_window_1W lagmraw_window_1W roaW lagroaW lagleverageW lagbmW lagstdebitdaassets5W lagcapexW lagtangibilityW lagsalesgW lagrdassetsW ltenure ceochair lindcapitallaborW lindfirmageW indrdassetsW i.fyear if fyear>= 2006, absorb(gvkey) robust cluster(cic) 
{res}
{txt}{col 1}Linear regression, absorbing indicators{col 53}{lalign 17:Number of obs}{col 70} = {res}{ralign 6:9,129}
{txt}{col 1}Absorbed variable: {res:gvkey}{col 53}{lalign 17:No. of categories}{col 70} = {res}{ralign 6:1,006}
{txt}{col 53}{lalign 17:F({res:36}, {res:148})}{col 70} = {res}{ralign 6:49.33}
{txt}{col 53}{lalign 17:Prob > F}{col 70} = {res}{ralign 6:0.0000}
{txt}{col 53}{lalign 17:R-squared}{col 70} = {res}{ralign 6:0.6776}
{txt}{col 53}{lalign 17:Adj R-squared}{col 70} = {res}{ralign 6:0.6361}
{txt}{col 53}{lalign 17:Root MSE}{col 70} = {res}{ralign 6:0.5919}

{txt}{ralign 86:(Std. err. adjusted for {res:149} clusters in {res:cic})}
{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 22}{c |}{col 34}    Robust
{col 1}               ltdc1{col 22}{c |} Coefficient{col 34}  std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}vmem {c |}{col 22}{res}{space 2} .1644973{col 34}{space 2} .2295199{col 45}{space 1}    0.72{col 54}{space 3}0.475{col 62}{space 4}-.2890621{col 75}{space 3} .6180567
{txt}{space 6}vmem_noconsult {c |}{col 22}{res}{space 2} -2.13459{col 34}{space 2} .7302186{col 45}{space 1}   -2.92{col 54}{space 3}0.004{col 62}{space 4}-3.577591{col 75}{space 3}-.6915884
{txt}{space 11}noconsult {c |}{col 22}{res}{space 2}-.0581157{col 34}{space 2} .0733253{col 45}{space 1}   -0.79{col 54}{space 3}0.429{col 62}{space 4}-.2030154{col 75}{space 3}  .086784
{txt}{space 15}logat {c |}{col 22}{res}{space 2} .3311742{col 34}{space 2} .0272021{col 45}{space 1}   12.17{col 54}{space 3}0.000{col 62}{space 4} .2774196{col 75}{space 3} .3849288
{txt}{space 6}mraw_window_1W {c |}{col 22}{res}{space 2} .1535233{col 34}{space 2} .0277271{col 45}{space 1}    5.54{col 54}{space 3}0.000{col 62}{space 4} .0987312{col 75}{space 3} .2083153
{txt}{space 3}lagmraw_window_1W {c |}{col 22}{res}{space 2} .1303828{col 34}{space 2} .0288226{col 45}{space 1}    4.52{col 54}{space 3}0.000{col 62}{space 4} .0734258{col 75}{space 3} .1873399
{txt}{space 16}roaW {c |}{col 22}{res}{space 2} .2537304{col 34}{space 2} .1721186{col 45}{space 1}    1.47{col 54}{space 3}0.143{col 62}{space 4}-.0863971{col 75}{space 3} .5938579
{txt}{space 13}lagroaW {c |}{col 22}{res}{space 2}-.0452259{col 34}{space 2} .1194671{col 45}{space 1}   -0.38{col 54}{space 3}0.706{col 62}{space 4}-.2813076{col 75}{space 3} .1908557
{txt}{space 8}lagleverageW {c |}{col 22}{res}{space 2}-.2877042{col 34}{space 2} .0782538{col 45}{space 1}   -3.68{col 54}{space 3}0.000{col 62}{space 4}-.4423432{col 75}{space 3}-.1330652
{txt}{space 14}lagbmW {c |}{col 22}{res}{space 2} -.293531{col 34}{space 2} .0897242{col 45}{space 1}   -3.27{col 54}{space 3}0.001{col 62}{space 4}-.4708371{col 75}{space 3}-.1162249
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2}-.2970736{col 34}{space 2} .5266926{col 45}{space 1}   -0.56{col 54}{space 3}0.574{col 62}{space 4}-1.337883{col 75}{space 3} .7437354
{txt}{space 11}lagcapexW {c |}{col 22}{res}{space 2}-.1179206{col 34}{space 2} .4504872{col 45}{space 1}   -0.26{col 54}{space 3}0.794{col 62}{space 4}-1.008139{col 75}{space 3} .7722974
{txt}{space 5}lagtangibilityW {c |}{col 22}{res}{space 2} .0134716{col 34}{space 2} .1593008{col 45}{space 1}    0.08{col 54}{space 3}0.933{col 62}{space 4}-.3013262{col 75}{space 3} .3282695
{txt}{space 10}lagsalesgW {c |}{col 22}{res}{space 2}-.0550321{col 34}{space 2} .0472007{col 45}{space 1}   -1.17{col 54}{space 3}0.246{col 62}{space 4}-.1483064{col 75}{space 3} .0382423
{txt}{space 8}lagrdassetsW {c |}{col 22}{res}{space 2}-.2619785{col 34}{space 2} .5734601{col 45}{space 1}   -0.46{col 54}{space 3}0.648{col 62}{space 4}-1.395206{col 75}{space 3} .8712488
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2} .0232616{col 34}{space 2}  .025367{col 45}{space 1}    0.92{col 54}{space 3}0.361{col 62}{space 4}-.0268668{col 75}{space 3} .0733899
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2} .0193424{col 34}{space 2} .0364066{col 45}{space 1}    0.53{col 54}{space 3}0.596{col 62}{space 4}-.0526015{col 75}{space 3} .0912862
{txt}{space 3}lindcapitallaborW {c |}{col 22}{res}{space 2} .0256887{col 34}{space 2} .0642327{col 45}{space 1}    0.40{col 54}{space 3}0.690{col 62}{space 4}-.1012429{col 75}{space 3} .1526203
{txt}{space 8}lindfirmageW {c |}{col 22}{res}{space 2} .0939973{col 34}{space 2} .1436411{col 45}{space 1}    0.65{col 54}{space 3}0.514{col 62}{space 4}-.1898551{col 75}{space 3} .3778497
{txt}{space 8}indrdassetsW {c |}{col 22}{res}{space 2} .8873763{col 34}{space 2} .7341131{col 45}{space 1}    1.21{col 54}{space 3}0.229{col 62}{space 4}-.5633211{col 75}{space 3} 2.338074
{txt}{space 20} {c |}
{space 15}fyear {c |}
{space 15}2007  {c |}{col 22}{res}{space 2} .0053672{col 34}{space 2}  .042453{col 45}{space 1}    0.13{col 54}{space 3}0.900{col 62}{space 4}-.0785251{col 75}{space 3} .0892596
{txt}{space 15}2008  {c |}{col 22}{res}{space 2}  .050188{col 34}{space 2} .0476186{col 45}{space 1}    1.05{col 54}{space 3}0.294{col 62}{space 4}-.0439123{col 75}{space 3} .1442882
{txt}{space 15}2009  {c |}{col 22}{res}{space 2} .0278891{col 34}{space 2} .0505298{col 45}{space 1}    0.55{col 54}{space 3}0.582{col 62}{space 4}-.0719639{col 75}{space 3} .1277421
{txt}{space 15}2010  {c |}{col 22}{res}{space 2} .0576861{col 34}{space 2}   .04652{col 45}{space 1}    1.24{col 54}{space 3}0.217{col 62}{space 4}-.0342432{col 75}{space 3} .1496154
{txt}{space 15}2011  {c |}{col 22}{res}{space 2} .1292092{col 34}{space 2} .0491967{col 45}{space 1}    2.63{col 54}{space 3}0.010{col 62}{space 4} .0319906{col 75}{space 3} .2264279
{txt}{space 15}2012  {c |}{col 22}{res}{space 2} .1229213{col 34}{space 2} .0450137{col 45}{space 1}    2.73{col 54}{space 3}0.007{col 62}{space 4} .0339686{col 75}{space 3}  .211874
{txt}{space 15}2013  {c |}{col 22}{res}{space 2} .1659074{col 34}{space 2} .0463667{col 45}{space 1}    3.58{col 54}{space 3}0.000{col 62}{space 4} .0742812{col 75}{space 3} .2575336
{txt}{space 15}2014  {c |}{col 22}{res}{space 2} .2193561{col 34}{space 2} .0499866{col 45}{space 1}    4.39{col 54}{space 3}0.000{col 62}{space 4} .1205764{col 75}{space 3} .3181357
{txt}{space 15}2015  {c |}{col 22}{res}{space 2}  .231519{col 34}{space 2} .0471161{col 45}{space 1}    4.91{col 54}{space 3}0.000{col 62}{space 4} .1384119{col 75}{space 3} .3246262
{txt}{space 15}2016  {c |}{col 22}{res}{space 2} .2156311{col 34}{space 2} .0530107{col 45}{space 1}    4.07{col 54}{space 3}0.000{col 62}{space 4} .1108755{col 75}{space 3} .3203868
{txt}{space 15}2017  {c |}{col 22}{res}{space 2} .1888351{col 34}{space 2} .0607432{col 45}{space 1}    3.11{col 54}{space 3}0.002{col 62}{space 4}  .068799{col 75}{space 3} .3088712
{txt}{space 15}2018  {c |}{col 22}{res}{space 2} .2971936{col 34}{space 2} .0618933{col 45}{space 1}    4.80{col 54}{space 3}0.000{col 62}{space 4} .1748848{col 75}{space 3} .4195024
{txt}{space 15}2019  {c |}{col 22}{res}{space 2} .4335414{col 34}{space 2} .0664595{col 45}{space 1}    6.52{col 54}{space 3}0.000{col 62}{space 4} .3022093{col 75}{space 3} .5648735
{txt}{space 15}2020  {c |}{col 22}{res}{space 2} .3742957{col 34}{space 2} .0718469{col 45}{space 1}    5.21{col 54}{space 3}0.000{col 62}{space 4} .2323175{col 75}{space 3} .5162739
{txt}{space 15}2021  {c |}{col 22}{res}{space 2} .4781654{col 34}{space 2} .0688137{col 45}{space 1}    6.95{col 54}{space 3}0.000{col 62}{space 4} .3421812{col 75}{space 3} .6141497
{txt}{space 15}2022  {c |}{col 22}{res}{space 2}  .482366{col 34}{space 2} .1101808{col 45}{space 1}    4.38{col 54}{space 3}0.000{col 62}{space 4} .2646353{col 75}{space 3} .7000966
{txt}{space 20} {c |}
{space 15}_cons {c |}{col 22}{res}{space 2} 5.428167{col 34}{space 2} .5857162{col 45}{space 1}    9.27{col 54}{space 3}0.000{col 62}{space 4}  4.27072{col 75}{space 3} 6.585614
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. areg lcashcomp vmem vmem_noconsult noconsult logat mraw_window_1W lagmraw_window_1W roaW lagroaW lagleverageW lagbmW lagstdebitdaassets5W lagcapexW lagtangibilityW lagsalesgW lagrdassetsW ltenure ceochair lindcapitallaborW lindfirmageW indrdassetsW i.fyear if fyear>= 2006, absorb(gvkey) robust cluster(cic) 
{res}
{txt}{col 1}Linear regression, absorbing indicators{col 53}{lalign 17:Number of obs}{col 70} = {res}{ralign 6:9,129}
{txt}{col 1}Absorbed variable: {res:gvkey}{col 53}{lalign 17:No. of categories}{col 70} = {res}{ralign 6:1,006}
{txt}{col 53}{lalign 17:F({res:36}, {res:148})}{col 70} = {res}{ralign 6:15.26}
{txt}{col 53}{lalign 17:Prob > F}{col 70} = {res}{ralign 6:0.0000}
{txt}{col 53}{lalign 17:R-squared}{col 70} = {res}{ralign 6:0.6906}
{txt}{col 53}{lalign 17:Adj R-squared}{col 70} = {res}{ralign 6:0.6507}
{txt}{col 53}{lalign 17:Root MSE}{col 70} = {res}{ralign 6:0.5577}

{txt}{ralign 86:(Std. err. adjusted for {res:149} clusters in {res:cic})}
{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 22}{c |}{col 34}    Robust
{col 1}           lcashcomp{col 22}{c |} Coefficient{col 34}  std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}vmem {c |}{col 22}{res}{space 2}-.0077485{col 34}{space 2} .2716195{col 45}{space 1}   -0.03{col 54}{space 3}0.977{col 62}{space 4}-.5445019{col 75}{space 3}  .529005
{txt}{space 6}vmem_noconsult {c |}{col 22}{res}{space 2}-1.924361{col 34}{space 2} .8192744{col 45}{space 1}   -2.35{col 54}{space 3}0.020{col 62}{space 4}-3.543348{col 75}{space 3}-.3053743
{txt}{space 11}noconsult {c |}{col 22}{res}{space 2} .0656059{col 34}{space 2} .1024976{col 45}{space 1}    0.64{col 54}{space 3}0.523{col 62}{space 4}-.1369419{col 75}{space 3} .2681538
{txt}{space 15}logat {c |}{col 22}{res}{space 2} .1249444{col 34}{space 2} .0345274{col 45}{space 1}    3.62{col 54}{space 3}0.000{col 62}{space 4}  .056714{col 75}{space 3} .1931748
{txt}{space 6}mraw_window_1W {c |}{col 22}{res}{space 2} .0437009{col 34}{space 2} .0215239{col 45}{space 1}    2.03{col 54}{space 3}0.044{col 62}{space 4}  .001167{col 75}{space 3} .0862347
{txt}{space 3}lagmraw_window_1W {c |}{col 22}{res}{space 2} .0260048{col 34}{space 2} .0238954{col 45}{space 1}    1.09{col 54}{space 3}0.278{col 62}{space 4}-.0212155{col 75}{space 3} .0732251
{txt}{space 16}roaW {c |}{col 22}{res}{space 2} .3308937{col 34}{space 2} .1303846{col 45}{space 1}    2.54{col 54}{space 3}0.012{col 62}{space 4} .0732376{col 75}{space 3} .5885497
{txt}{space 13}lagroaW {c |}{col 22}{res}{space 2} .0393453{col 34}{space 2} .1352995{col 45}{space 1}    0.29{col 54}{space 3}0.772{col 62}{space 4} -.228023{col 75}{space 3} .3067136
{txt}{space 8}lagleverageW {c |}{col 22}{res}{space 2}-.1228876{col 34}{space 2} .1209048{col 45}{space 1}   -1.02{col 54}{space 3}0.311{col 62}{space 4}-.3618103{col 75}{space 3} .1160351
{txt}{space 14}lagbmW {c |}{col 22}{res}{space 2} .0398927{col 34}{space 2} .0886286{col 45}{space 1}    0.45{col 54}{space 3}0.653{col 62}{space 4}-.1352483{col 75}{space 3} .2150338
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2} .2806971{col 34}{space 2} .5621815{col 45}{space 1}    0.50{col 54}{space 3}0.618{col 62}{space 4}-.8302425{col 75}{space 3} 1.391637
{txt}{space 11}lagcapexW {c |}{col 22}{res}{space 2}-.4447288{col 34}{space 2} .5145894{col 45}{space 1}   -0.86{col 54}{space 3}0.389{col 62}{space 4}-1.461621{col 75}{space 3} .5721629
{txt}{space 5}lagtangibilityW {c |}{col 22}{res}{space 2}-.0734977{col 34}{space 2} .1922721{col 45}{space 1}   -0.38{col 54}{space 3}0.703{col 62}{space 4}-.4534508{col 75}{space 3} .3064554
{txt}{space 10}lagsalesgW {c |}{col 22}{res}{space 2}-.0563412{col 34}{space 2}  .039618{col 45}{space 1}   -1.42{col 54}{space 3}0.157{col 62}{space 4}-.1346313{col 75}{space 3} .0219489
{txt}{space 8}lagrdassetsW {c |}{col 22}{res}{space 2} .0755873{col 34}{space 2} .7020353{col 45}{space 1}    0.11{col 54}{space 3}0.914{col 62}{space 4} -1.31172{col 75}{space 3} 1.462895
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2} .0323655{col 34}{space 2} .0287475{col 45}{space 1}    1.13{col 54}{space 3}0.262{col 62}{space 4}-.0244431{col 75}{space 3}  .089174
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2}-.0403294{col 34}{space 2} .0413241{col 45}{space 1}   -0.98{col 54}{space 3}0.331{col 62}{space 4}-.1219909{col 75}{space 3} .0413321
{txt}{space 3}lindcapitallaborW {c |}{col 22}{res}{space 2}-.0676274{col 34}{space 2} .0633069{col 45}{space 1}   -1.07{col 54}{space 3}0.287{col 62}{space 4}-.1927296{col 75}{space 3} .0574748
{txt}{space 8}lindfirmageW {c |}{col 22}{res}{space 2}-.2030673{col 34}{space 2} .1440643{col 45}{space 1}   -1.41{col 54}{space 3}0.161{col 62}{space 4} -.487756{col 75}{space 3} .0816213
{txt}{space 8}indrdassetsW {c |}{col 22}{res}{space 2}-1.215078{col 34}{space 2} .5343276{col 45}{space 1}   -2.27{col 54}{space 3}0.024{col 62}{space 4}-2.270974{col 75}{space 3} -.159181
{txt}{space 20} {c |}
{space 15}fyear {c |}
{space 15}2007  {c |}{col 22}{res}{space 2}-.0143036{col 34}{space 2}  .026193{col 45}{space 1}   -0.55{col 54}{space 3}0.586{col 62}{space 4}-.0660641{col 75}{space 3} .0374569
{txt}{space 15}2008  {c |}{col 22}{res}{space 2} .0568589{col 34}{space 2} .0321717{col 45}{space 1}    1.77{col 54}{space 3}0.079{col 62}{space 4}-.0067164{col 75}{space 3} .1204341
{txt}{space 15}2009  {c |}{col 22}{res}{space 2} .0217803{col 34}{space 2} .0315978{col 45}{space 1}    0.69{col 54}{space 3}0.492{col 62}{space 4}-.0406609{col 75}{space 3} .0842215
{txt}{space 15}2010  {c |}{col 22}{res}{space 2} .0137333{col 34}{space 2} .0329412{col 45}{space 1}    0.42{col 54}{space 3}0.677{col 62}{space 4}-.0513626{col 75}{space 3} .0788292
{txt}{space 15}2011  {c |}{col 22}{res}{space 2} .0253827{col 34}{space 2} .0359221{col 45}{space 1}    0.71{col 54}{space 3}0.481{col 62}{space 4}-.0456038{col 75}{space 3} .0963692
{txt}{space 15}2012  {c |}{col 22}{res}{space 2} .0573048{col 34}{space 2} .0399793{col 45}{space 1}    1.43{col 54}{space 3}0.154{col 62}{space 4}-.0216992{col 75}{space 3} .1363087
{txt}{space 15}2013  {c |}{col 22}{res}{space 2} .0047921{col 34}{space 2} .0486721{col 45}{space 1}    0.10{col 54}{space 3}0.922{col 62}{space 4}  -.09139{col 75}{space 3} .1009741
{txt}{space 15}2014  {c |}{col 22}{res}{space 2} .0492585{col 34}{space 2} .0463869{col 45}{space 1}    1.06{col 54}{space 3}0.290{col 62}{space 4}-.0424078{col 75}{space 3} .1409247
{txt}{space 15}2015  {c |}{col 22}{res}{space 2} .0679886{col 34}{space 2} .0533054{col 45}{space 1}    1.28{col 54}{space 3}0.204{col 62}{space 4}-.0373494{col 75}{space 3} .1733265
{txt}{space 15}2016  {c |}{col 22}{res}{space 2} .0189579{col 34}{space 2} .0509411{col 45}{space 1}    0.37{col 54}{space 3}0.710{col 62}{space 4}-.0817079{col 75}{space 3} .1196237
{txt}{space 15}2017  {c |}{col 22}{res}{space 2} .0324255{col 34}{space 2} .0559065{col 45}{space 1}    0.58{col 54}{space 3}0.563{col 62}{space 4}-.0780525{col 75}{space 3} .1429035
{txt}{space 15}2018  {c |}{col 22}{res}{space 2} .0731267{col 34}{space 2} .0599778{col 45}{space 1}    1.22{col 54}{space 3}0.225{col 62}{space 4}-.0453967{col 75}{space 3} .1916501
{txt}{space 15}2019  {c |}{col 22}{res}{space 2} .0858306{col 34}{space 2} .0699793{col 45}{space 1}    1.23{col 54}{space 3}0.222{col 62}{space 4} -.052457{col 75}{space 3} .2241182
{txt}{space 15}2020  {c |}{col 22}{res}{space 2} .0020023{col 34}{space 2} .0689897{col 45}{space 1}    0.03{col 54}{space 3}0.977{col 62}{space 4}-.1343299{col 75}{space 3} .1383344
{txt}{space 15}2021  {c |}{col 22}{res}{space 2}  .061475{col 34}{space 2}  .072413{col 45}{space 1}    0.85{col 54}{space 3}0.397{col 62}{space 4} -.081622{col 75}{space 3} .2045721
{txt}{space 15}2022  {c |}{col 22}{res}{space 2}  .100155{col 34}{space 2} .1081022{col 45}{space 1}    0.93{col 54}{space 3}0.356{col 62}{space 4}-.1134681{col 75}{space 3} .3137781
{txt}{space 20} {c |}
{space 15}_cons {c |}{col 22}{res}{space 2} 6.759239{col 34}{space 2} .7931097{col 45}{space 1}    8.52{col 54}{space 3}0.000{col 62}{space 4} 5.191957{col 75}{space 3} 8.326521
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. areg lequity vmem vmem_noconsult noconsult logat mraw_window_1W lagmraw_window_1W roaW lagroaW lagleverageW lagbmW lagstdebitdaassets5W lagcapexW lagtangibilityW lagsalesgW lagrdassetsW ltenure ceochair lindcapitallaborW lindfirmageW indrdassetsW i.fyear if fyear>= 2006, absorb(gvkey) robust cluster(cic) 
{res}
{txt}{col 1}Linear regression, absorbing indicators{col 53}{lalign 17:Number of obs}{col 70} = {res}{ralign 6:9,129}
{txt}{col 1}Absorbed variable: {res:gvkey}{col 53}{lalign 17:No. of categories}{col 70} = {res}{ralign 6:1,006}
{txt}{col 53}{lalign 17:F({res:36}, {res:148})}{col 70} = {res}{ralign 6:42.97}
{txt}{col 53}{lalign 17:Prob > F}{col 70} = {res}{ralign 6:0.0000}
{txt}{col 53}{lalign 17:R-squared}{col 70} = {res}{ralign 6:0.6210}
{txt}{col 53}{lalign 17:Adj R-squared}{col 70} = {res}{ralign 6:0.5722}
{txt}{col 53}{lalign 17:Root MSE}{col 70} = {res}{ralign 6:0.8917}

{txt}{ralign 86:(Std. err. adjusted for {res:149} clusters in {res:cic})}
{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 22}{c |}{col 34}    Robust
{col 1}             lequity{col 22}{c |} Coefficient{col 34}  std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}vmem {c |}{col 22}{res}{space 2} .6546422{col 34}{space 2} .3170128{col 45}{space 1}    2.07{col 54}{space 3}0.041{col 62}{space 4}  .028186{col 75}{space 3} 1.281098
{txt}{space 6}vmem_noconsult {c |}{col 22}{res}{space 2}-4.831545{col 34}{space 2} 2.403317{col 45}{space 1}   -2.01{col 54}{space 3}0.046{col 62}{space 4}-9.580795{col 75}{space 3}-.0822963
{txt}{space 11}noconsult {c |}{col 22}{res}{space 2}-.0700466{col 34}{space 2} .1548926{col 45}{space 1}   -0.45{col 54}{space 3}0.652{col 62}{space 4}-.3761334{col 75}{space 3} .2360402
{txt}{space 15}logat {c |}{col 22}{res}{space 2} .4250037{col 34}{space 2} .0484748{col 45}{space 1}    8.77{col 54}{space 3}0.000{col 62}{space 4} .3292117{col 75}{space 3} .5207958
{txt}{space 6}mraw_window_1W {c |}{col 22}{res}{space 2}  .200236{col 34}{space 2} .0408768{col 45}{space 1}    4.90{col 54}{space 3}0.000{col 62}{space 4} .1194585{col 75}{space 3} .2810135
{txt}{space 3}lagmraw_window_1W {c |}{col 22}{res}{space 2} .1751096{col 34}{space 2}  .057543{col 45}{space 1}    3.04{col 54}{space 3}0.003{col 62}{space 4} .0613976{col 75}{space 3} .2888216
{txt}{space 16}roaW {c |}{col 22}{res}{space 2} .2521265{col 34}{space 2} .3122063{col 45}{space 1}    0.81{col 54}{space 3}0.421{col 62}{space 4}-.3648313{col 75}{space 3} .8690843
{txt}{space 13}lagroaW {c |}{col 22}{res}{space 2} .0863177{col 34}{space 2} .2000059{col 45}{space 1}    0.43{col 54}{space 3}0.667{col 62}{space 4}-.3089184{col 75}{space 3} .4815538
{txt}{space 8}lagleverageW {c |}{col 22}{res}{space 2}-.3232514{col 34}{space 2} .1161841{col 45}{space 1}   -2.78{col 54}{space 3}0.006{col 62}{space 4}-.5528455{col 75}{space 3}-.0936574
{txt}{space 14}lagbmW {c |}{col 22}{res}{space 2}-.3131154{col 34}{space 2} .1035672{col 45}{space 1}   -3.02{col 54}{space 3}0.003{col 62}{space 4}-.5177769{col 75}{space 3}-.1084539
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2}-.2678595{col 34}{space 2} .6114769{col 45}{space 1}   -0.44{col 54}{space 3}0.662{col 62}{space 4}-1.476213{col 75}{space 3} .9404937
{txt}{space 11}lagcapexW {c |}{col 22}{res}{space 2}-.0798002{col 34}{space 2} .6927389{col 45}{space 1}   -0.12{col 54}{space 3}0.908{col 62}{space 4}-1.448737{col 75}{space 3} 1.289137
{txt}{space 5}lagtangibilityW {c |}{col 22}{res}{space 2}-.1790467{col 34}{space 2} .2901023{col 45}{space 1}   -0.62{col 54}{space 3}0.538{col 62}{space 4}-.7523243{col 75}{space 3}  .394231
{txt}{space 10}lagsalesgW {c |}{col 22}{res}{space 2}-.0982431{col 34}{space 2} .0798225{col 45}{space 1}   -1.23{col 54}{space 3}0.220{col 62}{space 4}-.2559821{col 75}{space 3}  .059496
{txt}{space 8}lagrdassetsW {c |}{col 22}{res}{space 2}-1.117313{col 34}{space 2} .8016155{col 45}{space 1}   -1.39{col 54}{space 3}0.165{col 62}{space 4}-2.701404{col 75}{space 3} .4667772
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2} .0104112{col 34}{space 2} .0350019{col 45}{space 1}    0.30{col 54}{space 3}0.767{col 62}{space 4}-.0587568{col 75}{space 3} .0795792
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2} .0174221{col 34}{space 2} .0543677{col 45}{space 1}    0.32{col 54}{space 3}0.749{col 62}{space 4}-.0900151{col 75}{space 3} .1248594
{txt}{space 3}lindcapitallaborW {c |}{col 22}{res}{space 2} .0546317{col 34}{space 2} .1039654{col 45}{space 1}    0.53{col 54}{space 3}0.600{col 62}{space 4}-.1508166{col 75}{space 3}   .26008
{txt}{space 8}lindfirmageW {c |}{col 22}{res}{space 2} .0555921{col 34}{space 2} .2042732{col 45}{space 1}    0.27{col 54}{space 3}0.786{col 62}{space 4}-.3480769{col 75}{space 3}  .459261
{txt}{space 8}indrdassetsW {c |}{col 22}{res}{space 2}  2.16747{col 34}{space 2} 1.093304{col 45}{space 1}    1.98{col 54}{space 3}0.049{col 62}{space 4} .0069674{col 75}{space 3} 4.327973
{txt}{space 20} {c |}
{space 15}fyear {c |}
{space 15}2007  {c |}{col 22}{res}{space 2} .0446916{col 34}{space 2} .0754481{col 45}{space 1}    0.59{col 54}{space 3}0.555{col 62}{space 4} -.104403{col 75}{space 3} .1937863
{txt}{space 15}2008  {c |}{col 22}{res}{space 2} .1127435{col 34}{space 2} .0757532{col 45}{space 1}    1.49{col 54}{space 3}0.139{col 62}{space 4}-.0369542{col 75}{space 3} .2624412
{txt}{space 15}2009  {c |}{col 22}{res}{space 2} .0829111{col 34}{space 2} .0802952{col 45}{space 1}    1.03{col 54}{space 3}0.303{col 62}{space 4}-.0757621{col 75}{space 3} .2415843
{txt}{space 15}2010  {c |}{col 22}{res}{space 2} .1237105{col 34}{space 2} .0818583{col 45}{space 1}    1.51{col 54}{space 3}0.133{col 62}{space 4}-.0380515{col 75}{space 3} .2854725
{txt}{space 15}2011  {c |}{col 22}{res}{space 2} .2211361{col 34}{space 2} .0790141{col 45}{space 1}    2.80{col 54}{space 3}0.006{col 62}{space 4} .0649946{col 75}{space 3} .3772777
{txt}{space 15}2012  {c |}{col 22}{res}{space 2} .2353912{col 34}{space 2} .0765791{col 45}{space 1}    3.07{col 54}{space 3}0.003{col 62}{space 4} .0840614{col 75}{space 3}  .386721
{txt}{space 15}2013  {c |}{col 22}{res}{space 2} .3287391{col 34}{space 2} .0736933{col 45}{space 1}    4.46{col 54}{space 3}0.000{col 62}{space 4} .1831121{col 75}{space 3} .4743662
{txt}{space 15}2014  {c |}{col 22}{res}{space 2} .3988889{col 34}{space 2} .0816966{col 45}{space 1}    4.88{col 54}{space 3}0.000{col 62}{space 4} .2374464{col 75}{space 3} .5603315
{txt}{space 15}2015  {c |}{col 22}{res}{space 2} .4376201{col 34}{space 2}  .079123{col 45}{space 1}    5.53{col 54}{space 3}0.000{col 62}{space 4} .2812635{col 75}{space 3} .5939768
{txt}{space 15}2016  {c |}{col 22}{res}{space 2}  .416058{col 34}{space 2} .0914911{col 45}{space 1}    4.55{col 54}{space 3}0.000{col 62}{space 4} .2352605{col 75}{space 3} .5968556
{txt}{space 15}2017  {c |}{col 22}{res}{space 2} .3609631{col 34}{space 2}   .09849{col 45}{space 1}    3.66{col 54}{space 3}0.000{col 62}{space 4} .1663347{col 75}{space 3} .5555915
{txt}{space 15}2018  {c |}{col 22}{res}{space 2} .4907165{col 34}{space 2} .0976649{col 45}{space 1}    5.02{col 54}{space 3}0.000{col 62}{space 4} .2977188{col 75}{space 3} .6837143
{txt}{space 15}2019  {c |}{col 22}{res}{space 2} .6498605{col 34}{space 2}  .111324{col 45}{space 1}    5.84{col 54}{space 3}0.000{col 62}{space 4} .4298707{col 75}{space 3} .8698503
{txt}{space 15}2020  {c |}{col 22}{res}{space 2} .6218654{col 34}{space 2} .1166602{col 45}{space 1}    5.33{col 54}{space 3}0.000{col 62}{space 4} .3913305{col 75}{space 3} .8524003
{txt}{space 15}2021  {c |}{col 22}{res}{space 2} .7273986{col 34}{space 2} .1167203{col 45}{space 1}    6.23{col 54}{space 3}0.000{col 62}{space 4} .4967449{col 75}{space 3} .9580523
{txt}{space 15}2022  {c |}{col 22}{res}{space 2} .7279869{col 34}{space 2} .2081548{col 45}{space 1}    3.50{col 54}{space 3}0.001{col 62}{space 4} .3166475{col 75}{space 3} 1.139326
{txt}{space 20} {c |}
{space 15}_cons {c |}{col 22}{res}{space 2} 4.175634{col 34}{space 2} .8696299{col 45}{space 1}    4.80{col 54}{space 3}0.000{col 62}{space 4} 2.457139{col 75}{space 3} 5.894129
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. areg perstockpay vmem vmem_noconsult noconsult logat mraw_window_1W lagmraw_window_1W roaW lagroaW lagleverageW lagbmW lagstdebitdaassets5W lagcapexW lagtangibilityW lagsalesgW lagrdassetsW ltenure ceochair lindcapitallaborW lindfirmageW indrdassetsW i.fyear if fyear>= 2006, absorb(gvkey) robust cluster(cic) 
{res}
{txt}{col 1}Linear regression, absorbing indicators{col 53}{lalign 17:Number of obs}{col 70} = {res}{ralign 6:9,078}
{txt}{col 1}Absorbed variable: {res:gvkey}{col 53}{lalign 17:No. of categories}{col 70} = {res}{ralign 6:1,003}
{txt}{col 53}{lalign 17:F({res:36}, {res:148})}{col 70} = {res}{ralign 6:35.04}
{txt}{col 53}{lalign 17:Prob > F}{col 70} = {res}{ralign 6:0.0000}
{txt}{col 53}{lalign 17:R-squared}{col 70} = {res}{ralign 6:0.5751}
{txt}{col 53}{lalign 17:Adj R-squared}{col 70} = {res}{ralign 6:0.5202}
{txt}{col 53}{lalign 17:Root MSE}{col 70} = {res}{ralign 6:0.1877}

{txt}{ralign 86:(Std. err. adjusted for {res:149} clusters in {res:cic})}
{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 22}{c |}{col 34}    Robust
{col 1}         perstockpay{col 22}{c |} Coefficient{col 34}  std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}vmem {c |}{col 22}{res}{space 2} .1733553{col 34}{space 2} .1113075{col 45}{space 1}    1.56{col 54}{space 3}0.122{col 62}{space 4} -.046602{col 75}{space 3} .3933125
{txt}{space 6}vmem_noconsult {c |}{col 22}{res}{space 2} -.021401{col 34}{space 2} .2796678{col 45}{space 1}   -0.08{col 54}{space 3}0.939{col 62}{space 4}-.5740588{col 75}{space 3} .5312569
{txt}{space 11}noconsult {c |}{col 22}{res}{space 2}-.0373257{col 34}{space 2} .0260199{col 45}{space 1}   -1.43{col 54}{space 3}0.154{col 62}{space 4}-.0887442{col 75}{space 3} .0140928
{txt}{space 15}logat {c |}{col 22}{res}{space 2} .0193777{col 34}{space 2} .0095449{col 45}{space 1}    2.03{col 54}{space 3}0.044{col 62}{space 4} .0005158{col 75}{space 3} .0382397
{txt}{space 6}mraw_window_1W {c |}{col 22}{res}{space 2}-.0444003{col 34}{space 2} .0082351{col 45}{space 1}   -5.39{col 54}{space 3}0.000{col 62}{space 4} -.060674{col 75}{space 3}-.0281266
{txt}{space 3}lagmraw_window_1W {c |}{col 22}{res}{space 2} .0023663{col 34}{space 2} .0083882{col 45}{space 1}    0.28{col 54}{space 3}0.778{col 62}{space 4}-.0142098{col 75}{space 3} .0189424
{txt}{space 16}roaW {c |}{col 22}{res}{space 2}-.0754032{col 34}{space 2} .0375105{col 45}{space 1}   -2.01{col 54}{space 3}0.046{col 62}{space 4}-.1495286{col 75}{space 3}-.0012779
{txt}{space 13}lagroaW {c |}{col 22}{res}{space 2} .0836244{col 34}{space 2} .0422034{col 45}{space 1}    1.98{col 54}{space 3}0.049{col 62}{space 4} .0002253{col 75}{space 3} .1670236
{txt}{space 8}lagleverageW {c |}{col 22}{res}{space 2}-.0259133{col 34}{space 2}  .030316{col 45}{space 1}   -0.85{col 54}{space 3}0.394{col 62}{space 4}-.0858215{col 75}{space 3} .0339949
{txt}{space 14}lagbmW {c |}{col 22}{res}{space 2} .0114399{col 34}{space 2} .0280494{col 45}{space 1}    0.41{col 54}{space 3}0.684{col 62}{space 4}-.0439891{col 75}{space 3} .0668689
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2}-.1642818{col 34}{space 2} .1215321{col 45}{space 1}   -1.35{col 54}{space 3}0.179{col 62}{space 4}-.4044441{col 75}{space 3} .0758805
{txt}{space 11}lagcapexW {c |}{col 22}{res}{space 2}-.1306578{col 34}{space 2} .1558509{col 45}{space 1}   -0.84{col 54}{space 3}0.403{col 62}{space 4}-.4386383{col 75}{space 3} .1773226
{txt}{space 5}lagtangibilityW {c |}{col 22}{res}{space 2} .0037332{col 34}{space 2}  .073754{col 45}{space 1}    0.05{col 54}{space 3}0.960{col 62}{space 4}-.1420138{col 75}{space 3} .1494801
{txt}{space 10}lagsalesgW {c |}{col 22}{res}{space 2}-.0463082{col 34}{space 2} .0167936{col 45}{space 1}   -2.76{col 54}{space 3}0.007{col 62}{space 4}-.0794943{col 75}{space 3} -.013122
{txt}{space 8}lagrdassetsW {c |}{col 22}{res}{space 2}-.0727885{col 34}{space 2} .2052391{col 45}{space 1}   -0.35{col 54}{space 3}0.723{col 62}{space 4}-.4783661{col 75}{space 3}  .332789
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2}-.0129945{col 34}{space 2} .0057701{col 45}{space 1}   -2.25{col 54}{space 3}0.026{col 62}{space 4}-.0243969{col 75}{space 3}-.0015921
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2}-.0030015{col 34}{space 2} .0115833{col 45}{space 1}   -0.26{col 54}{space 3}0.796{col 62}{space 4}-.0258916{col 75}{space 3} .0198886
{txt}{space 3}lindcapitallaborW {c |}{col 22}{res}{space 2} .0006379{col 34}{space 2} .0269204{col 45}{space 1}    0.02{col 54}{space 3}0.981{col 62}{space 4}-.0525601{col 75}{space 3} .0538359
{txt}{space 8}lindfirmageW {c |}{col 22}{res}{space 2} .0018537{col 34}{space 2} .0546519{col 45}{space 1}    0.03{col 54}{space 3}0.973{col 62}{space 4}-.1061452{col 75}{space 3} .1098525
{txt}{space 8}indrdassetsW {c |}{col 22}{res}{space 2}-.2847995{col 34}{space 2} .2658102{col 45}{space 1}   -1.07{col 54}{space 3}0.286{col 62}{space 4}-.8100731{col 75}{space 3} .2404741
{txt}{space 20} {c |}
{space 15}fyear {c |}
{space 15}2007  {c |}{col 22}{res}{space 2} .0219578{col 34}{space 2}  .015046{col 45}{space 1}    1.46{col 54}{space 3}0.147{col 62}{space 4}-.0077748{col 75}{space 3} .0516905
{txt}{space 15}2008  {c |}{col 22}{res}{space 2} .0244325{col 34}{space 2} .0159817{col 45}{space 1}    1.53{col 54}{space 3}0.128{col 62}{space 4}-.0071493{col 75}{space 3} .0560143
{txt}{space 15}2009  {c |}{col 22}{res}{space 2} .0489121{col 34}{space 2} .0161559{col 45}{space 1}    3.03{col 54}{space 3}0.003{col 62}{space 4}  .016986{col 75}{space 3} .0808381
{txt}{space 15}2010  {c |}{col 22}{res}{space 2} .0526968{col 34}{space 2} .0153769{col 45}{space 1}    3.43{col 54}{space 3}0.001{col 62}{space 4} .0223102{col 75}{space 3} .0830834
{txt}{space 15}2011  {c |}{col 22}{res}{space 2} .0959066{col 34}{space 2} .0160809{col 45}{space 1}    5.96{col 54}{space 3}0.000{col 62}{space 4} .0641288{col 75}{space 3} .1276844
{txt}{space 15}2012  {c |}{col 22}{res}{space 2} .1282354{col 34}{space 2} .0178913{col 45}{space 1}    7.17{col 54}{space 3}0.000{col 62}{space 4} .0928799{col 75}{space 3} .1635909
{txt}{space 15}2013  {c |}{col 22}{res}{space 2} .1673618{col 34}{space 2} .0179604{col 45}{space 1}    9.32{col 54}{space 3}0.000{col 62}{space 4} .1318698{col 75}{space 3} .2028537
{txt}{space 15}2014  {c |}{col 22}{res}{space 2} .1942212{col 34}{space 2} .0197188{col 45}{space 1}    9.85{col 54}{space 3}0.000{col 62}{space 4} .1552545{col 75}{space 3} .2331878
{txt}{space 15}2015  {c |}{col 22}{res}{space 2} .1973399{col 34}{space 2} .0184917{col 45}{space 1}   10.67{col 54}{space 3}0.000{col 62}{space 4}  .160798{col 75}{space 3} .2338817
{txt}{space 15}2016  {c |}{col 22}{res}{space 2} .2057084{col 34}{space 2} .0208112{col 45}{space 1}    9.88{col 54}{space 3}0.000{col 62}{space 4} .1645829{col 75}{space 3} .2468339
{txt}{space 15}2017  {c |}{col 22}{res}{space 2} .1558695{col 34}{space 2} .0235956{col 45}{space 1}    6.61{col 54}{space 3}0.000{col 62}{space 4} .1092417{col 75}{space 3} .2024973
{txt}{space 15}2018  {c |}{col 22}{res}{space 2} .2232351{col 34}{space 2} .0251171{col 45}{space 1}    8.89{col 54}{space 3}0.000{col 62}{space 4} .1736007{col 75}{space 3} .2728695
{txt}{space 15}2019  {c |}{col 22}{res}{space 2} .2734118{col 34}{space 2} .0255609{col 45}{space 1}   10.70{col 54}{space 3}0.000{col 62}{space 4} .2229003{col 75}{space 3} .3239233
{txt}{space 15}2020  {c |}{col 22}{res}{space 2} .2830594{col 34}{space 2} .0277092{col 45}{space 1}   10.22{col 54}{space 3}0.000{col 62}{space 4} .2283026{col 75}{space 3} .3378162
{txt}{space 15}2021  {c |}{col 22}{res}{space 2} .2758528{col 34}{space 2} .0281668{col 45}{space 1}    9.79{col 54}{space 3}0.000{col 62}{space 4} .2201917{col 75}{space 3} .3315139
{txt}{space 15}2022  {c |}{col 22}{res}{space 2} .2942671{col 34}{space 2} .0369571{col 45}{space 1}    7.96{col 54}{space 3}0.000{col 62}{space 4} .2212354{col 75}{space 3} .3672988
{txt}{space 20} {c |}
{space 15}_cons {c |}{col 22}{res}{space 2} .1051243{col 34}{space 2} .2153173{col 45}{space 1}    0.49{col 54}{space 3}0.626{col 62}{space 4}-.3203691{col 75}{space 3} .5306177
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. areg peroptionpay vmem vmem_noconsult noconsult logat mraw_window_1W lagmraw_window_1W roaW lagroaW lagleverageW lagbmW lagstdebitdaassets5W lagcapexW lagtangibilityW lagsalesgW lagrdassetsW ltenure ceochair lindcapitallaborW lindfirmageW indrdassetsW i.fyear if fyear>= 2006, absorb(gvkey) robust cluster(cic) 
{res}
{txt}{col 1}Linear regression, absorbing indicators{col 53}{lalign 17:Number of obs}{col 70} = {res}{ralign 6:9,078}
{txt}{col 1}Absorbed variable: {res:gvkey}{col 53}{lalign 17:No. of categories}{col 70} = {res}{ralign 6:1,003}
{txt}{col 53}{lalign 17:F({res:36}, {res:148})}{col 70} = {res}{ralign 6:19.55}
{txt}{col 53}{lalign 17:Prob > F}{col 70} = {res}{ralign 6:0.0000}
{txt}{col 53}{lalign 17:R-squared}{col 70} = {res}{ralign 6:0.5180}
{txt}{col 53}{lalign 17:Adj R-squared}{col 70} = {res}{ralign 6:0.4558}
{txt}{col 53}{lalign 17:Root MSE}{col 70} = {res}{ralign 6:0.1587}

{txt}{ralign 86:(Std. err. adjusted for {res:149} clusters in {res:cic})}
{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 22}{c |}{col 34}    Robust
{col 1}        peroptionpay{col 22}{c |} Coefficient{col 34}  std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}vmem {c |}{col 22}{res}{space 2}-.1280398{col 34}{space 2} .0692997{col 45}{space 1}   -1.85{col 54}{space 3}0.067{col 62}{space 4}-.2649845{col 75}{space 3} .0089049
{txt}{space 6}vmem_noconsult {c |}{col 22}{res}{space 2}-.3266809{col 34}{space 2} .1614728{col 45}{space 1}   -2.02{col 54}{space 3}0.045{col 62}{space 4}-.6457709{col 75}{space 3}-.0075909
{txt}{space 11}noconsult {c |}{col 22}{res}{space 2}-.0035336{col 34}{space 2}   .01849{col 45}{space 1}   -0.19{col 54}{space 3}0.849{col 62}{space 4}-.0400721{col 75}{space 3}  .033005
{txt}{space 15}logat {c |}{col 22}{res}{space 2} .0118989{col 34}{space 2} .0114096{col 45}{space 1}    1.04{col 54}{space 3}0.299{col 62}{space 4}-.0106478{col 75}{space 3} .0344456
{txt}{space 6}mraw_window_1W {c |}{col 22}{res}{space 2}-.0055227{col 34}{space 2} .0076027{col 45}{space 1}   -0.73{col 54}{space 3}0.469{col 62}{space 4}-.0205467{col 75}{space 3} .0095012
{txt}{space 3}lagmraw_window_1W {c |}{col 22}{res}{space 2}-.0036602{col 34}{space 2} .0069438{col 45}{space 1}   -0.53{col 54}{space 3}0.599{col 62}{space 4} -.017382{col 75}{space 3} .0100616
{txt}{space 16}roaW {c |}{col 22}{res}{space 2}-.1489717{col 34}{space 2} .0478559{col 45}{space 1}   -3.11{col 54}{space 3}0.002{col 62}{space 4}-.2435408{col 75}{space 3}-.0544026
{txt}{space 13}lagroaW {c |}{col 22}{res}{space 2}-.1004391{col 34}{space 2} .0363191{col 45}{space 1}   -2.77{col 54}{space 3}0.006{col 62}{space 4}-.1722101{col 75}{space 3}-.0286681
{txt}{space 8}lagleverageW {c |}{col 22}{res}{space 2}-.0295629{col 34}{space 2} .0216629{col 45}{space 1}   -1.36{col 54}{space 3}0.174{col 62}{space 4}-.0723715{col 75}{space 3} .0132456
{txt}{space 14}lagbmW {c |}{col 22}{res}{space 2}-.1088648{col 34}{space 2} .0234051{col 45}{space 1}   -4.65{col 54}{space 3}0.000{col 62}{space 4}-.1551161{col 75}{space 3}-.0626135
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2} .1210334{col 34}{space 2} .1010878{col 45}{space 1}    1.20{col 54}{space 3}0.233{col 62}{space 4}-.0787284{col 75}{space 3} .3207953
{txt}{space 11}lagcapexW {c |}{col 22}{res}{space 2} .2430634{col 34}{space 2} .1677291{col 45}{space 1}    1.45{col 54}{space 3}0.149{col 62}{space 4}-.0883899{col 75}{space 3} .5745167
{txt}{space 5}lagtangibilityW {c |}{col 22}{res}{space 2} .0131003{col 34}{space 2} .0511921{col 45}{space 1}    0.26{col 54}{space 3}0.798{col 62}{space 4}-.0880615{col 75}{space 3} .1142621
{txt}{space 10}lagsalesgW {c |}{col 22}{res}{space 2}  .029563{col 34}{space 2} .0179787{col 45}{space 1}    1.64{col 54}{space 3}0.102{col 62}{space 4}-.0059652{col 75}{space 3} .0650912
{txt}{space 8}lagrdassetsW {c |}{col 22}{res}{space 2}-.0324646{col 34}{space 2} .2029392{col 45}{space 1}   -0.16{col 54}{space 3}0.873{col 62}{space 4}-.4334973{col 75}{space 3} .3685681
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2}-.0042573{col 34}{space 2} .0043016{col 45}{space 1}   -0.99{col 54}{space 3}0.324{col 62}{space 4}-.0127579{col 75}{space 3} .0042433
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2} -.011121{col 34}{space 2} .0083156{col 45}{space 1}   -1.34{col 54}{space 3}0.183{col 62}{space 4}-.0275536{col 75}{space 3} .0053116
{txt}{space 3}lindcapitallaborW {c |}{col 22}{res}{space 2}-.0014413{col 34}{space 2} .0155278{col 45}{space 1}   -0.09{col 54}{space 3}0.926{col 62}{space 4}-.0321262{col 75}{space 3} .0292436
{txt}{space 8}lindfirmageW {c |}{col 22}{res}{space 2} .0476472{col 34}{space 2} .0425315{col 45}{space 1}    1.12{col 54}{space 3}0.264{col 62}{space 4}-.0364003{col 75}{space 3} .1316947
{txt}{space 8}indrdassetsW {c |}{col 22}{res}{space 2} .4748373{col 34}{space 2} .2611732{col 45}{space 1}    1.82{col 54}{space 3}0.071{col 62}{space 4}-.0412729{col 75}{space 3} .9909475
{txt}{space 20} {c |}
{space 15}fyear {c |}
{space 15}2007  {c |}{col 22}{res}{space 2}-.0212183{col 34}{space 2} .0120731{col 45}{space 1}   -1.76{col 54}{space 3}0.081{col 62}{space 4}-.0450763{col 75}{space 3} .0026397
{txt}{space 15}2008  {c |}{col 22}{res}{space 2}-.0304768{col 34}{space 2} .0153357{col 45}{space 1}   -1.99{col 54}{space 3}0.049{col 62}{space 4} -.060782{col 75}{space 3}-.0001715
{txt}{space 15}2009  {c |}{col 22}{res}{space 2}-.0229215{col 34}{space 2}     .014{col 45}{space 1}   -1.64{col 54}{space 3}0.104{col 62}{space 4}-.0505872{col 75}{space 3} .0047442
{txt}{space 15}2010  {c |}{col 22}{res}{space 2} -.030146{col 34}{space 2} .0124202{col 45}{space 1}   -2.43{col 54}{space 3}0.016{col 62}{space 4}-.0546898{col 75}{space 3}-.0056022
{txt}{space 15}2011  {c |}{col 22}{res}{space 2}-.0486507{col 34}{space 2} .0135996{col 45}{space 1}   -3.58{col 54}{space 3}0.000{col 62}{space 4}-.0755253{col 75}{space 3}-.0217762
{txt}{space 15}2012  {c |}{col 22}{res}{space 2}-.0829314{col 34}{space 2} .0131628{col 45}{space 1}   -6.30{col 54}{space 3}0.000{col 62}{space 4}-.1089427{col 75}{space 3}-.0569202
{txt}{space 15}2013  {c |}{col 22}{res}{space 2}-.0723498{col 34}{space 2} .0155554{col 45}{space 1}   -4.65{col 54}{space 3}0.000{col 62}{space 4}-.1030892{col 75}{space 3}-.0416104
{txt}{space 15}2014  {c |}{col 22}{res}{space 2}-.1141222{col 34}{space 2} .0165652{col 45}{space 1}   -6.89{col 54}{space 3}0.000{col 62}{space 4}-.1468571{col 75}{space 3}-.0813872
{txt}{space 15}2015  {c |}{col 22}{res}{space 2}-.1309161{col 34}{space 2} .0158475{col 45}{space 1}   -8.26{col 54}{space 3}0.000{col 62}{space 4}-.1622326{col 75}{space 3}-.0995995
{txt}{space 15}2016  {c |}{col 22}{res}{space 2}-.1419524{col 34}{space 2} .0150305{col 45}{space 1}   -9.44{col 54}{space 3}0.000{col 62}{space 4}-.1716544{col 75}{space 3}-.1122503
{txt}{space 15}2017  {c |}{col 22}{res}{space 2}-.1314067{col 34}{space 2} .0177377{col 45}{space 1}   -7.41{col 54}{space 3}0.000{col 62}{space 4}-.1664586{col 75}{space 3}-.0963547
{txt}{space 15}2018  {c |}{col 22}{res}{space 2}-.1634349{col 34}{space 2} .0166716{col 45}{space 1}   -9.80{col 54}{space 3}0.000{col 62}{space 4}  -.19638{col 75}{space 3}-.1304897
{txt}{space 15}2019  {c |}{col 22}{res}{space 2} -.160156{col 34}{space 2} .0188158{col 45}{space 1}   -8.51{col 54}{space 3}0.000{col 62}{space 4}-.1973382{col 75}{space 3}-.1229737
{txt}{space 15}2020  {c |}{col 22}{res}{space 2}-.1547704{col 34}{space 2} .0198677{col 45}{space 1}   -7.79{col 54}{space 3}0.000{col 62}{space 4}-.1940314{col 75}{space 3}-.1155094
{txt}{space 15}2021  {c |}{col 22}{res}{space 2}-.1676022{col 34}{space 2} .0201857{col 45}{space 1}   -8.30{col 54}{space 3}0.000{col 62}{space 4}-.2074916{col 75}{space 3}-.1277127
{txt}{space 15}2022  {c |}{col 22}{res}{space 2}-.2080611{col 34}{space 2} .0241181{col 45}{space 1}   -8.63{col 54}{space 3}0.000{col 62}{space 4}-.2557215{col 75}{space 3}-.1604007
{txt}{space 20} {c |}
{space 15}_cons {c |}{col 22}{res}{space 2} .0903017{col 34}{space 2} .1603062{col 45}{space 1}    0.56{col 54}{space 3}0.574{col 62}{space 4} -.226483{col 75}{space 3} .4070863
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. 
{txt}end of do-file

{com}. do "C:\Users\akprevos\AppData\Local\Temp\STD45bc_000000.tmp"
{txt}
{com}. areg lvega vmem vmem_noconsult noconsult logat mraw_window_1W lagmraw_window_1W roaW lagroaW lagleverageW lagbmW lagstdebitdaassets5W lagcapexW lagtangibilityW lagsalesgW lagrdassetsW ltenure ceochair lindcapitallaborW lindfirmageW indrdassetsW i.fyear if fyear>= 2006, absorb(gvkey) robust cluster(cic) 
{res}
{txt}{col 1}Linear regression, absorbing indicators{col 53}{lalign 17:Number of obs}{col 70} = {res}{ralign 6:8,862}
{txt}{col 1}Absorbed variable: {res:gvkey}{col 53}{lalign 17:No. of categories}{col 70} = {res}{ralign 6:991}
{txt}{col 53}{lalign 17:F({res:36}, {res:148})}{col 70} = {res}{ralign 6:18.15}
{txt}{col 53}{lalign 17:Prob > F}{col 70} = {res}{ralign 6:0.0000}
{txt}{col 53}{lalign 17:R-squared}{col 70} = {res}{ralign 6:0.6909}
{txt}{col 53}{lalign 17:Adj R-squared}{col 70} = {res}{ralign 6:0.6505}
{txt}{col 53}{lalign 17:Root MSE}{col 70} = {res}{ralign 6:1.3004}

{txt}{ralign 86:(Std. err. adjusted for {res:149} clusters in {res:cic})}
{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 22}{c |}{col 34}    Robust
{col 1}               lvega{col 22}{c |} Coefficient{col 34}  std. err.{col 46}      t{col 54}   P>|t|{col 62}     [95% con{col 75}f. interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}vmem {c |}{col 22}{res}{space 2}-1.006977{col 34}{space 2} 1.081752{col 45}{space 1}   -0.93{col 54}{space 3}0.353{col 62}{space 4}-3.144651{col 75}{space 3} 1.130698
{txt}{space 6}vmem_noconsult {c |}{col 22}{res}{space 2}-2.877826{col 34}{space 2} 1.715909{col 45}{space 1}   -1.68{col 54}{space 3}0.096{col 62}{space 4}-6.268671{col 75}{space 3} .5130195
{txt}{space 11}noconsult {c |}{col 22}{res}{space 2}-.0127444{col 34}{space 2} .1776687{col 45}{space 1}   -0.07{col 54}{space 3}0.943{col 62}{space 4}-.3638394{col 75}{space 3} .3383507
{txt}{space 15}logat {c |}{col 22}{res}{space 2} .3625664{col 34}{space 2} .0788845{col 45}{space 1}    4.60{col 54}{space 3}0.000{col 62}{space 4} .2066809{col 75}{space 3} .5184519
{txt}{space 6}mraw_window_1W {c |}{col 22}{res}{space 2} .0983427{col 34}{space 2} .0649465{col 45}{space 1}    1.51{col 54}{space 3}0.132{col 62}{space 4}-.0299995{col 75}{space 3} .2266848
{txt}{space 3}lagmraw_window_1W {c |}{col 22}{res}{space 2} .0197097{col 34}{space 2} .0552578{col 45}{space 1}    0.36{col 54}{space 3}0.722{col 62}{space 4}-.0894866{col 75}{space 3} .1289059
{txt}{space 16}roaW {c |}{col 22}{res}{space 2} .6254097{col 34}{space 2} .3427855{col 45}{space 1}    1.82{col 54}{space 3}0.070{col 62}{space 4}-.0519764{col 75}{space 3} 1.302796
{txt}{space 13}lagroaW {c |}{col 22}{res}{space 2}-.0386511{col 34}{space 2} .2254418{col 45}{space 1}   -0.17{col 54}{space 3}0.864{col 62}{space 4}-.4841518{col 75}{space 3} .4068495
{txt}{space 8}lagleverageW {c |}{col 22}{res}{space 2}-.2841562{col 34}{space 2} .3587423{col 45}{space 1}   -0.79{col 54}{space 3}0.430{col 62}{space 4} -.993075{col 75}{space 3} .4247625
{txt}{space 14}lagbmW {c |}{col 22}{res}{space 2}-.2862416{col 34}{space 2} .2685003{col 45}{space 1}   -1.07{col 54}{space 3}0.288{col 62}{space 4}-.8168311{col 75}{space 3} .2443479
{txt}lagstdebitdaassets5W {c |}{col 22}{res}{space 2} -.094819{col 34}{space 2}  1.05277{col 45}{space 1}   -0.09{col 54}{space 3}0.928{col 62}{space 4}-2.175221{col 75}{space 3} 1.985583
{txt}{space 11}lagcapexW {c |}{col 22}{res}{space 2} .7872737{col 34}{space 2} .8851776{col 45}{space 1}    0.89{col 54}{space 3}0.375{col 62}{space 4}-.9619457{col 75}{space 3} 2.536493
{txt}{space 5}lagtangibilityW {c |}{col 22}{res}{space 2} .2164011{col 34}{space 2} .5686442{col 45}{space 1}    0.38{col 54}{space 3}0.704{col 62}{space 4}-.9073095{col 75}{space 3} 1.340112
{txt}{space 10}lagsalesgW {c |}{col 22}{res}{space 2}-.1837171{col 34}{space 2} .1085996{col 45}{space 1}   -1.69{col 54}{space 3}0.093{col 62}{space 4}-.3983232{col 75}{space 3}  .030889
{txt}{space 8}lagrdassetsW {c |}{col 22}{res}{space 2} 1.249107{col 34}{space 2} 1.237368{col 45}{space 1}    1.01{col 54}{space 3}0.314{col 62}{space 4}-1.196083{col 75}{space 3} 3.694297
{txt}{space 13}ltenure {c |}{col 22}{res}{space 2} .3595724{col 34}{space 2} .0380925{col 45}{space 1}    9.44{col 54}{space 3}0.000{col 62}{space 4} .2842969{col 75}{space 3} .4348478
{txt}{space 12}ceochair {c |}{col 22}{res}{space 2}-.1257711{col 34}{space 2} .0866502{col 45}{space 1}   -1.45{col 54}{space 3}0.149{col 62}{space 4}-.2970026{col 75}{space 3} .0454603
{txt}{space 3}lindcapitallaborW {c |}{col 22}{res}{space 2} -.155707{col 34}{space 2} .1991795{col 45}{space 1}   -0.78{col 54}{space 3}0.436{col 62}{space 4}-.5493101{col 75}{space 3} .2378961
{txt}{space 8}lindfirmageW {c |}{col 22}{res}{space 2}-.7215268{col 34}{space 2} .5018785{col 45}{space 1}   -1.44{col 54}{space 3}0.153{col 62}{space 4}  -1.7133{col 75}{space 3} .2702467
{txt}{space 8}indrdassetsW {c |}{col 22}{res}{space 2} 2.949471{col 34}{space 2} 4.005929{col 45}{space 1}    0.74{col 54}{space 3}0.463{col 62}{space 4}-4.966736{col 75}{space 3} 10.86568
{txt}{space 20} {c |}
{space 15}fyear {c |}
{space 15}2007  {c |}{col 22}{res}{space 2}-.1616186{col 34}{space 2} .0755102{col 45}{space 1}   -2.14{col 54}{space 3}0.034{col 62}{space 4} -.310836{col 75}{space 3}-.0124012
{txt}{space 15}2008  {c |}{col 22}{res}{space 2} -.390282{col 34}{space 2} .1462531{col 45}{space 1}   -2.67{col 54}{space 3}0.008{col 62}{space 4}-.6792961{col 75}{space 3}-.1012678
{txt}{space 15}2009  {c |}{col 22}{res}{space 2}-.1128142{col 34}{space 2} .1065895{col 45}{space 1}   -1.06{col 54}{space 3}0.292{col 62}{space 4}-.3234481{col 75}{space 3} .0978198
{txt}{space 15}2010  {c |}{col 22}{res}{space 2}-.2083148{col 34}{space 2}  .109532{col 45}{space 1}   -1.90{col 54}{space 3}0.059{col 62}{space 4}-.4247634{col 75}{space 3} .0081339
{txt}{space 15}2011  {c |}{col 22}{res}{space 2}-.2892093{col 34}{space 2} .1159013{col 45}{space 1}   -2.50{col 54}{space 3}0.014{col 62}{space 4}-.5182444{col 75}{space 3}-.0601741
{txt}{space 15}2012  {c |}{col 22}{res}{space 2}-.4144162{col 34}{space 2} .1319361{col 45}{space 1}   -3.14{col 54}{space 3}0.002{col 62}{space 4}-.6751381{col 75}{space 3}-.1536942
{txt}{space 15}2013  {c |}{col 22}{res}{space 2} -.627238{col 34}{space 2}  .141038{col 45}{space 1}   -4.45{col 54}{space 3}0.000{col 62}{space 4}-.9059463{col 75}{space 3}-.3485296
{txt}{space 15}2014  {c |}{col 22}{res}{space 2}-.8612101{col 34}{space 2} .1534303{col 45}{space 1}   -5.61{col 54}{space 3}0.000{col 62}{space 4}-1.164407{col 75}{space 3} -.558013
{txt}{space 15}2015  {c |}{col 22}{res}{space 2}-.9843162{col 34}{space 2} .1573082{col 45}{space 1}   -6.26{col 54}{space 3}0.000{col 62}{space 4}-1.295176{col 75}{space 3}-.6734559
{txt}{space 15}2016  {c |}{col 22}{res}{space 2}-.8896957{col 34}{space 2} .1785242{col 45}{space 1}   -4.98{col 54}{space 3}0.000{col 62}{space 4}-1.242481{col 75}{space 3}  -.53691
{txt}{space 15}2017  {c |}{col 22}{res}{space 2} -1.60822{col 34}{space 2} .1959906{col 45}{space 1}   -8.21{col 54}{space 3}0.000{col 62}{space 4}-1.995521{col 75}{space 3}-1.220918
{txt}{space 15}2018  {c |}{col 22}{res}{space 2}-1.201269{col 34}{space 2} .2113267{col 45}{space 1}   -5.68{col 54}{space 3}0.000{col 62}{space 4}-1.618877{col 75}{space 3}-.7836618
{txt}{space 15}2019  {c |}{col 22}{res}{space 2}-1.221541{col 34}{space 2}  .218491{col 45}{space 1}   -5.59{col 54}{space 3}0.000{col 62}{space 4}-1.653306{col 75}{space 3}-.7897758
{txt}{space 15}2020  {c |}{col 22}{res}{space 2}-1.252076{col 34}{space 2} .2442368{col 45}{space 1}   -5.13{col 54}{space 3}0.000{col 62}{space 4}-1.734718{col 75}{space 3}-.7694341
{txt}{space 15}2021  {c |}{col 22}{res}{space 2}-1.262629{col 34}{space 2} .2563735{col 45}{space 1}   -4.92{col 54}{space 3}0.000{col 62}{space 4}-1.769255{col 75}{space 3} -.756004
{txt}{space 15}2022  {c |}{col 22}{res}{space 2}-1.266895{col 34}{space 2} .3138618{col 45}{space 1}   -4.04{col 54}{space 3}0.000{col 62}{space 4}-1.887125{col 75}{space 3} -.646666
{txt}{space 20} {c |}
{space 15}_cons {c |}{col 22}{res}{space 2} 4.172757{col 34}{space 2} 2.192745{col 45}{space 1}    1.90{col 54}{space 3}0.059{col 62}{space 4}-.1603761{col 75}{space 3}  8.50589
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. 
{txt}end of do-file

{com}. log close
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}E:\Old papers\short union paper\FM RR1\FM data archive code and tables\Table 8 log file.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}17 Feb 2025, 15:20:42
{txt}{.-}
{smcl}
{txt}{sf}{ul off}